Costa Rica: Linseed Oil Market 2024

Linseed Oil Market Size in Costa Rica

After two years of growth, the Costa Rican linseed oil market decreased by -4.7% to $X in 2022. Overall, consumption, however, continues to indicate a pronounced expansion. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Linseed Oil Production in Costa Rica

In value terms, linseed oil production expanded remarkably to $X in 2022 estimated in export price. Overall, production, however, posted strong growth. The pace of growth was the most pronounced in 2016 when the production volume increased by 182%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Linseed Oil Exports

Exports from Costa Rica

In 2022, linseed oil exports from Costa Rica rose markedly to X kg, growing by 8% against 2021 figures. Overall, exports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when exports increased by 67%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, linseed oil exports declined slightly to $X in 2022. In general, exports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2020 when exports increased by 128% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Panama (X kg), Nicaragua (X kg) and El Salvador (X kg) were the main destinations of linseed oil exports from Costa Rica, with a combined 94% share of total exports.

From 2012 to 2022, the biggest increases were recorded for El Salvador (with a CAGR of +48.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Panama ($X), Nicaragua ($X) and El Salvador ($X) appeared to be the largest markets for linseed oil exported from Costa Rica worldwide, together accounting for 94% of total exports.

El Salvador, with a CAGR of +89.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average linseed oil export price amounted to $X per ton, waning by -10.7% against the previous year. Overall, the export price, however, posted a measured expansion. The most prominent rate of growth was recorded in 2015 when the average export price increased by 68%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+27.4%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Costa Rica

After three years of growth, supplies from abroad of linseed oil decreased by -21.5% to X tons in 2022. Overall, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2016 with an increase of 169% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, linseed oil imports dropped rapidly to $X in 2022. In general, imports continue to indicate a noticeable descent. The growth pace was the most rapid in 2016 with an increase of 199% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of linseed oil to Costa Rica, accounting for a 53% share of total imports. Moreover, linseed oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Belgium (X tons), twofold. China (X tons) ranked third in terms of total imports with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands totaled +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-17.8% per year) and China (+39.0% per year).

In value terms, the largest linseed oil suppliers to Costa Rica were the Netherlands ($X), China ($X) and Belgium ($X), together comprising 67% of total imports. Canada and the United States lagged somewhat behind, together accounting for a further 26%.

Canada, with a CAGR of +49.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, dropping by -3.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 40%. As a result, import price reached the peak level of $X per ton, and then reduced modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform